Despite growth slowing in August, spending remains above decade average nationwide
The latest Commonwealth Bank Business Sales Indicator (BSI) revealed that annual sales growth remained above the decade average in August, even while experiencing the slowest monthly growth in about three years.
Overall, economy-wide spending rose by 0.2% in trend terms in August following a growth of 0.4% in July and 0.5% in June. Annual growth of spending eased for the third month to 6.6%, which is still above the decade-average of 5.1%. The seasonally adjusted measure of the BSI fell 1.0% in August (the second fall in six months) while annual growth eased from 7.3% to 5.6%.
Craig James, Chief Economist, CommSec and author of the BSI report, said that despite the mild sales growth recorded in August, the Australian economy is still in good shape and continuing to grow.
“While the initial boost in business spending following the last Federal budget has tapered off, annual growth figures show that economy-wide spending remains above the decade average. Interest rates are low, the job market shows signs of settling and home building is underpinning spending across the economy.
“Additionally, Australian businesses have reasons for optimism given a lower Aussie dollar and budget stimulus measures for the small business sector,” he added.
At an industry level, sectors to experience the strongest growth were Clothing and Miscellaneous Stores, both rising 1.1% in trend terms respectively in August. On the other hand, sectors to experience a dip in sales in trend terms included Airlines (down 4.4%) and Mail Order/Telephone Order providers (down 3.5%).
At a state level, sales rose in all states and territories in August except the Northern Territory (down 0.5%) and Victoria (down 0.1%). Tasmania recorded the highest growth (up 0.8%), followed by South Australia (up 0.7%), Western Australia (up 0.5%), Queensland (up 0.4%) and ACT (up 0.1%), while NSW recorded flat sales.
Consumers looking for more information and advice on banking products, can head over to Mozo’s banking hub. Whether it’s credit cards, debit cards or savings accounts, Mozo’s award-winning comparison tools help Australians find better money deals each month.
Credit card comparisons on Mozo - last updated February 27, 2021
- Apply By May 31, 2021
Bendigo Bank Low Rate Credit Card
0% p.a. balance transfer for 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
11.99% p.a.0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)$45-CompareCompareLow Rate Credit Card
0% p.a. balance transfer for 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.
- Purchase rate
- 11.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)
- Cash advance
- 13.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $45
- Late payment fee
- $15.00
- Cash advance fee
- 0.50%, Min $3.25
Read our Mozo Review to learn more about the Low Rate Credit Card
Bankwest Zero Mastercard
No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
17.99% p.a.2.99% p.a. for 9 months and then 17.99% p.a.$0-CompareCompareZero Mastercard
No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.
- Purchase rate
- 17.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 2.99% p.a. for 9 months and then 17.99% p.a.
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 2.95%
- Annual card fee
- $0
- Late payment fee
- $25.00
- Cash advance fee
- 2%, Min $4.00
Read our Mozo Review to learn more about the Zero Mastercard
- Hot DealLimited time cashback offer
Westpac Low Rate
Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
13.74% p.a.0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)$59-CompareCompareLow Rate
Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
- Purchase rate
- 13.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59
- Late payment fee
- $15.00
- Cash advance fee
- 2%, Min $2.50, Max $150
Read our Mozo Review to learn more about the Low Rate
ME frank Credit Card
Meet Frank, a low rate credit card with up to 55 interest free days and no annual fee. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
11.99% p.a.No current offer$0-CompareComparefrank Credit Card
Meet Frank, a low rate credit card with up to 55 interest free days and no annual fee. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.
- Purchase rate
- 11.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- 11.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 2.30%
- Annual card fee
- $0
- Late payment fee
- $10.00
- Cash advance fee
- 2%, Min $4.00
Read our Mozo Review to learn more about the frank Credit Card
- Apply By February 28, 2021
NAB Qantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
19.99% p.a.0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)$395 $295 in the first yearQantas Frequent FlyerCompareCompareQantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
- Purchase rate
- 19.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Intro fee
- 295.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $395 $295 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 2%, Min $2.50
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
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